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Bravo Mining

Palladium explorer, with a project stated to be in Carajás.

NoneBrazil — as stated on the recordings

explorer palladium NoneBrazil
May 2026 → Jul 2026Covered
8 of 10Topics on record
4Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 2 interviews with the company · 6 independent recordings
Stage
Explorer
Primary commodity
Palladium
Jurisdiction
Carajás
Deposit
platinum, palladium, and rhodium open-pit mine
Latest appearance
13 Jul 2026
On record
2 interviews · 36 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
15 million ounces between measured, indicated, and inferred
Management-stated Luis Azevedo Jul 2026
Money on hand
$97 million in the bank
Stated capital need: 700 million in total
Management-stated Luis Azevedo Jul 2026
What happens next
3 years from production
Management-stated Luis Azevedo Jul 2026
The main open question
No major technical or permitting red flags are stated; however, the NPV cases rest on metal prices (platinum $1,400, palladium $1,200) set one year ago when the company noted prices have moved 25% higher—a sensitivity not quantified in…
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
9 independent voices on record — 15 constructive
Nick Hodge, Steve Barton, Rick Rule, Unknown speaker…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

NPV $1.8 billion1.86 billion ● Higher 3 statements on record
27 May 2026
$1.8 billion in vertical integration scenario, basket price of $1550
“In the vertical integration scenario we have about $688 million capex to $1.8 billion of NPV at $697 opex at the basket price of $1550”
13 Jul 2026
1.86 billion dollar NPV
“the alternative case is 1.86 billion dollar NPV to a capex of 700 million in total.”
Capex $495 million700 million ≠ Different basis One statement qualifies the figure and the other does not (total) 3 statements on record
27 May 2026
$495 million at basic case selling concentrate
“At the basic case which means selling concentrate we have a capex for $495 million and a NPV of $1.25 billion.”
13 Jul 2026
700 million in total
“the alternative case is 1.86 billion dollar NPV to a capex of 700 million in total.”
Resource size 240 million tons15 million oz ≠ Different measure Stated in tonnes, then in ounces — not the same quantity 3 statements on record
27 May 2026
240 million tons
“It's the largest open pit known develop in the world. We have about 240 million tons and today we still drilling this deposit to extend that.”
13 Jul 2026
15 million ounces between measured, indicated, and inferred
“we moving this project from 5 million ounces, not 4311, to 15 million ounces between measured, indicated, and inferred.”
Study due ? Wording changed No comparable date in one of the two statements 3 statements on record
27 May 2026
PFS delivery in Q3 this year
“we right now have a PA and we are going to deliver in Q3 this year a PFS.”
13 Jul 2026
DFS last quarter of 2027
“making the DFS that we are promising for last quarter of 2027 a very robustic case.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Bravo Mining's own claims across 2 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 15 mentions.

15 constructive
  • Nick Hodge “Cited as a successful private placement — IPO at $0.64/share alongside Rick Rule, later hit $5/share; provided 4–500% upside for s…”
  • Steve Barton “He owns it and says the Brazilian infrastructure makes development easier than Snowline.”
  • Rick Rule “He owns it and sees it as a potential tier-one discovery, with infrastructure advantages in Brazil.”
  • Unknown speaker “He likes the multiple mineralization styles and thinks it may be nearing tier-one status.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the company holds the world's second-largest open-pit PGM deposit (240 million tons, 15.4 million ounces palladium equivalent) in Brazil's Carajás, a tier-one jurisdiction, with a PA in hand and Q3 PFS due.

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says the company holds the world's second-largest open-pit PGM deposit (240 million tons, 15.4 million ounces palladium equivalent) in Brazil's Carajás, a tier-one jurisdiction, with a PA in hand and Q3 PFS due. The basic case shows $1.25 billion NPV on $495 million capex; a vertical integration scenario via free-zone smelter yields $1.8 billion NPV at $688 million capex, with costs one-third of basket price. Several experienced portfolio managers (Rick Rule, Steve Barton) own it, citing the discovery scale, infrastructure advantage over peers, and insider CEO ownership (40%) as hallmarks of a tier-one asset.

▼ Bear case

No major technical or permitting red flags are stated; however, the NPV cases rest on metal prices (platinum $1,400, palladium $1,200) set one year ago when the company noted prices have moved 25% higher—a sensitivity not quantified in…

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

No major technical or permitting red flags are stated; however, the NPV cases rest on metal prices (platinum $1,400, palladium $1,200) set one year ago when the company noted prices have moved 25% higher—a sensitivity not quantified in current cases. The $130 million raised to date leaves ~$97 million in bank against a $495–688 million capex requirement, creating significant future dilution risk. Permitting and DFS timelines (Q3 PFS, Q4 2027 DFS, 2029 production) remain unproven; the exploration upside (17 IOCG anomalies, copper-gold potential, sulfate byproduct) is mentioned but not yet in resource estimates, so full value is speculative.

◆ Watch next

PFS delivery in Q3 this year will be the first concrete validation of economics and metallurgy.

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

PFS delivery in Q3 this year will be the first concrete validation of economics and metallurgy. DFS delivery in Q4 2027 is the next major gate; this will lock capex and operating costs and trigger additional capital raises. Production start in ~2029 (3 years from DFS, as management indicates) marks the moment returns begin. Monitor metal price movements (platinum and palladium have risen 25% since base case); any further IOCG resource definition into measured/indicated from current inferred status; and capital raise announcements, which will reveal dilution and investor appetite.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 14 statements

The deposit 8

Key takeaway. Management describes Bravo Mining's deposit as an open-pit platinum group metals (PGM) project with platinum, palladium, and rhodium, while also flagging potential iron-oxide-copper-gold (IOCG) mineralization on the property.

Read the full summary

The company reports a resource of 15.4 million ounces palladium equivalent (or about 15 million ounces across measured, indicated and inferred categories) as of May 2026, contained within 240 million tons. The CEO also notes that about 17 anomalies have been collected and drilled, with potential IOCG mineralization, and points to a byproduct sulfate valued at $500 per ton as further exploration upside.

What was actually said
deposit type
platinum, palladium, and rhodium open-pit mine
“we probably has the second largest open-pit mine in the world for platinum, palladium, and rhodium.”
Luis Azevedo· 13 Jul 2026·
exploration upside
copper gold IOCG potential on property
“We had an excellent discovery of copper gold. Looks like there is potential for copper gold IOCG in our property”
Luis Azevedo· 13 Jul 2026·
resource size
15 million ounces between measured, indicated, and inferred
“we moving this project from 5 million ounces, not 4311, to 15 million ounces between measured, indicated, and inferred.”
Luis Azevedo· 13 Jul 2026·
Show the other 5 statements
deposit type
open pit PGM deposit, potentially also IOCG
“It's the largest open pit known develop in the world. We have about 240 million tons and today we still drilling this deposit to extend that.”
Luis Azevedo· 27 May 2026·
exploration upside
byproduct sulfate valued at $500 per ton
“And the with the benefit that our byproduct rich we're going to be also the sulfate, which in this area the country is quite hungry for the agribusiness and this product has a value of $500 a ton at this moment.”
Luis Azevedo· 27 May 2026·
exploration upside
about 17 anomalies collected and drilled, potential IOCG mineralization
“we have about uh we collected over 17 uh anomalies that have been drilled, and this with a lot of them very positive.”
Luis Azevedo· 27 May 2026·
resource size
240 million tons
“It's the largest open pit known develop in the world. We have about 240 million tons and today we still drilling this deposit to extend that.”
Luis Azevedo· 27 May 2026·
resource size
15.4 million ounces palladium equivalent between measured indicated and inferred
“Palladium equivalent, 15.4 million ounces between measure indicator and inferred.”
Luis Azevedo· 27 May 2026·

Jurisdiction 5

Key takeaway. Management reports that the company's project is located in the Carajás region of Brazil.

Read the full summary

In May 2026, the company said its preliminary environmental license (PA) had been obtained and that the ZPE (free zone area) had been granted by the Brazilian government. In July 2026, management again noted the Carajás, Brazil location.

What was actually said
country
Brazil
“Bravo Mining is a company in Brazil in the Carajás, one of the best jurisdictions in the world”
Luis Azevedo· 13 Jul 2026·
region
Carajás
“Bravo Mining is a company in Brazil in the Carajás, one of the best jurisdictions in the world”
Luis Azevedo· 13 Jul 2026·
country
Brazil
“Luanga project was bought by me in 2020 uh from Vale in the Carajás.”
Luis Azevedo· 27 May 2026·
Show the other 2 statements
permit status
PA obtained; ZPE (free zone area) granted by government of Brazil
“we right now have a PA and we are going to deliver in Q3 this year a PFS. we were able to convince the government of Brazil and to give us a ZPE, which means as a free zone area where we can put our smelter”
Luis Azevedo· 27 May 2026·
region
Carajás
“Luanga project was bought by me in 2020 uh from Vale in the Carajás.”
Luis Azevedo· 27 May 2026·

Technical risk 1

What was actually said
key assumption
production around half a million ounces between all metals for 17 years
“it will be around half a million ounces between all the metals for 17 years so far.”
Luis Azevedo· 13 Jul 2026·

Economics 12 statements

Economics 10

Key takeaway. Management has presented project economics twice, in May and July 2026, using different scenarios and assumptions.

Read the full summary

In May 2026 the company reported a basic-case NPV of $1.25 billion (basket price $1,500, operating cost $630/ton, $495 million capex) and a vertical-integration NPV of $1.8 billion (basket price $1,550, operating cost $697/ton, $688 million capex). By July 2026 management cited a higher NPV of $1.86 billion, using a basket price of about $1,500 and total capex of $700 million; executives noted that price assumptions used one year earlier (platinum $1,400, palladium $1,200) had moved over 25% since then.

What was actually said
capex
700 million in total
“the alternative case is 1.86 billion dollar NPV to a capex of 700 million in total.”
Luis Azevedo· 13 Jul 2026·
npv
1.86 billion dollar NPV
“the alternative case is 1.86 billion dollar NPV to a capex of 700 million in total.”
Luis Azevedo· 13 Jul 2026·
price assumption
basket price of our metal was about 1,500
“when we done that, the basket price of our metal was about 1,500.”
Luis Azevedo· 13 Jul 2026·
Show the other 7 statements
capex
$495 million at basic case selling concentrate
“At the basic case which means selling concentrate we have a capex for $495 million and a NPV of $1.25 billion.”
Luis Azevedo· 27 May 2026·
capex
$688 million in vertical integration scenario
“In the vertical integration scenario we have about $688 million capex to $1.8 billion of NPV at $697 opex at the basket price of $1550”
Luis Azevedo· 27 May 2026·
npv
$1.8 billion in vertical integration scenario, basket price of $1550
“In the vertical integration scenario we have about $688 million capex to $1.8 billion of NPV at $697 opex at the basket price of $1550”
Luis Azevedo· 27 May 2026·
npv
$1.25 billion at basic case, basket price of $1500
“At the basic case which means selling concentrate we have a capex for $495 million and a NPV of $1.25 billion.”
Luis Azevedo· 27 May 2026·
operating cost
$630 per ton at basic case, basket price of $1500
“The opex were going to be around $630 per ton at the basket price of 1500.”
Luis Azevedo· 27 May 2026·
operating cost
$697 per ton in vertical integration scenario, basket price of $1550
“In the vertical integration scenario we have about $688 million capex to $1.8 billion of NPV at $697 opex at the basket price of $1550”
Luis Azevedo· 27 May 2026·
price assumption
platinum $1400, palladium $1200 used one year ago; prices have moved over 25% since then
“Remember when we done this one year ago platinum we used about $1400 palladium $1200 this has moved over 25% since then.”
Luis Azevedo· 27 May 2026·

Financing 2

Key takeaway. Management says the company had about $97 million in the bank as of July 2026, and that it needs a total of roughly $130 million in capital to fund the project.

What was actually said
capital needed
$130 million in total
“We got this project about 3 years ago. We have some done some capital raising so far, $130 million in total.”
Luis Azevedo· 13 Jul 2026·
cash position
$97 million in the bank
“We still have $97 million in the bank”
Luis Azevedo· 13 Jul 2026·

Timeline 5 statements

Timeline 5

Key takeaway. Management has given two slightly different timelines on when the PFS will be delivered.

Read the full summary

In May 2026, they said PFS delivery would come in Q3 of that year; by July 2026, they said it was due in two to three months. Looking further ahead, management stated in July 2026 that a DFS is expected in the last quarter of 2027, with first production targeted roughly three years from that date — a timeline they break down as about two years from DFS to production.

What was actually said
first production
3 years from production
“So we are 1 year from the DFS. >> Okay. So so 3 years from production in an imperfect world.”
Luis Azevedo· 13 Jul 2026·
milestone
2 years from DFS to production
“About 2 years from when we had the the DFS.”
Luis Azevedo· 13 Jul 2026·
study due
PFS in two, three months
“when we're going to put out the PFS, the numbers are going to be also very robustic case.”
Luis Azevedo· 13 Jul 2026·
Show the other 2 statements
study due
DFS last quarter of 2027
“making the DFS that we are promising for last quarter of 2027 a very robustic case.”
Luis Azevedo· 13 Jul 2026·
study due
PFS delivery in Q3 this year
“we right now have a PA and we are going to deliver in Q3 this year a PFS.”
Luis Azevedo· 27 May 2026·

Corporate 5 statements

Management 3

Key takeaway. Management of Bravo Mining highlights insider ownership of about 40% of shares as of May 2026.

Read the full summary

The company reports that its CEO, who is also the largest shareholder, is a geologist and lawyer with 40 years living and doing mining in Brazil (May 2026). Additionally, management points to having hired the ex-general manager of exploration from Vale (July 2026).

What was actually said
track record
hired ex-general manager of exploration from Vale
“we just hired ex-general manager of exploration from Valley, which you know the area for 40 years, a lot of success behind.”
Luis Azevedo· 13 Jul 2026·
insider ownership
around 40% of shares
“I'm also the largest shareholder holding around 40% of the shares of the company.”
Luis Azevedo· 27 May 2026·
track record
CEO and largest shareholder, geologist and lawyer, 40 years living and doing mining in Brazil
“I'm a chairman and uh CEO of Bravo Mining. I'm also the largest shareholder holding around 40% of the shares of the company. I'm a geologist, a lawyer. I've been living in Brazil and doing mining in Brazil for the last 40 years.”
Luis Azevedo· 27 May 2026·

Market 2

Key takeaway. Management says strategic interest in the project is supported by vertical integration, with an on-site smelter located within a free zone area.

Read the full summary

The company also reports that its cost will be less than one-third of the basket price.

What was actually said
cost curve position
cost going to be less than less than 1/3 of the basket price
“Remember when we done this one year ago platinum we used about $1400 palladium $1200 this has moved over 25% since then. our cost going to be less than less than 1/3 of the basket price.”
Luis Azevedo· 27 May 2026·
strategic interest
vertical integration with on-site smelter under free zone area
“Under a free zone area, which mean we paid no tax on capex and we paid no tax on opex as well.”
Luis Azevedo· 27 May 2026·

Outside views 15 mentions

15 mentions by people who do not speak for the company — 15 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Nick Hodge
bullish
Cited as a successful private placement — IPO at $0.64/share alongside Rick Rule, later hit $5/share; provided 4–500% upside for subscribers.
Natural Resource Stocks· 17 Jul 2026·
Steve Barton
bullish
He owns it and says the Brazilian infrastructure makes development easier than Snowline.
Rule Investment Media· 25 Apr 2026·
Rick Rule
bullish
He owns it and says the Brazilian infrastructure makes development easier than Snowline.
Rule Investment Media· 25 Apr 2026·
Steve Barton
bullish
He owns it and sees it as a potential tier-one discovery, with infrastructure advantages in Brazil.
Rule Investment Media· 24 Apr 2026·
Show the other 11 mentions
Rick Rule
bullish
He owns it and sees it as a potential tier-one discovery, with infrastructure advantages in Brazil.
Rule Investment Media· 24 Apr 2026·
Unknown speaker
bullish
He likes the multiple mineralization styles and thinks it may be nearing tier-one status.
Rule Investment Media· 16 Apr 2026·
Rick Rule
bullish
He likes its large deposit, multiple mineralization styles, and exploration upside toward tier-one status.
Rule Investment Media· 16 Apr 2026·
Jeff Phillips
bullish
Used as an example of strong people, insider ownership, and capital access leading to repeated large financings and share-price appreciation.
VRIC Media· 09 Apr 2026·
Samuel Pelaez
bullish
Portfolio holding mentioned in the M&A thesis basket
Crux Investor· 02 Mar 2026·
Jeff Phillips
bullish
Held up as a company with a strong founder/ownership structure and a tier-one asset that scaled materially.
Crux Investor· 04 Nov 2025·
Jeff Phillips
bullish
He says he financed it pre-IPO and cites strong insider ownership.
MiningStockEducation.com· 08 Sep 2025·
Matt Geiger
bullish
His largest position; benefits from PGM strength and has multiple embedded metal catalysts.
Investing News· 18 Aug 2025·
Tom Hartel
bullish
He says he was impressed by the company at the show, though he has not done a deep dive.
In it to Win it· 29 Jul 2025·
Rick Rule
bullish
He bought it for a major platinum discovery in Brazil that looks more attractive now.
Investing News· 10 Jul 2025·
John Polomny
bullish
Mentioned as a leveraged junior platinum-related name to consider.
In it to Win it· 02 Jul 2025·

Sources 2 interviews

Every interview 2

DateChannelInterviewStatements
13 Jul 2026 The Deep Dive The Hybrid Boom Is Bringing Palladium Back | Luis Azevedo - Bravo Mining 16
27 May 2026 Rule Investment Media Luis Azevedo, Chairman & CEO of Bravo Mining Corp. | Rule Symposium 2026: Rick Rule interviews 20

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

palladium 2
platinum 2
carajás 1
copper 1
ero copper 1
gold 1
luanga project 1
rhodium 1

Questions people ask

What is Bravo Mining's project and where is it?

Bravo Mining is a explorer palladium company, with a project stated to be in Brazil. Everything here is drawn from its executives' own interviews.

Which interviews mention Bravo Mining?

We track 2 interviews mentioning Bravo Mining, across 2 channels (Rule Investment Media, The Deep Dive).

What are investors saying about Bravo Mining?

15 independent voices — people who do not speak for the company — are on record discussing it (15 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Bravo Mining cover?

The most-discussed topics on record are economics, the deposit, timeline, jurisdiction — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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